Jane Mendillo
Jane L. Mendillo | |
|---|---|
| Born | New Britain, Connecticut, U.S. |
| Occupation | Endowment fund executive |
| Years active | 1987–2014 |
| Known for | President and CEO of Harvard Management Company (2008–2014) |
Jane L. Mendillo is a prominent American endowment fund executive, recognized for her leadership at Harvard Management Company, the entity responsible for managing Harvard University's endowment portfolio. Serving as President and CEO from 2008 until 2014, she guided the endowment’s recovery to $36.4 billion in the aftermath of the 2008 financial downturn. Prior to this tenure, from 1987 through 2002, Mendillo directed Harvard’s domestic equity investments, venture capital initiatives, natural resource assets, and charitable trust portfolios.
In 2002, Mendillo took on the role of Chief Investment Officer at Wellesley College, where she successfully expanded the endowment from $1.03 billion to $1.67 billion by 2008. She then rejoined Harvard Management Company in 2008 to steer the institution through fiscal challenges posed by the crisis, concentrating on liquidity management and investment performance.
In 2009, Forbes Magazine placed her at number 37 on its list of the 100 Most Powerful Women.
Early life and education
Born in New Britain, Connecticut, Mendillo earned a Bachelor of Arts in English from Yale College in 1980 and completed her MBA at the Yale School of Management in 1984.
Initial period at Harvard
Between 1987 and 2001, Mendillo occupied several positions within Harvard Management Company, including Vice President of External Management. In this capacity, she was responsible for overseeing assets totaling $7 billion—comprising $6 billion in externally managed endowment funds and $1 billion in pension-related holdings—while managing domestic equities, venture capital investments, and charitable trust funds.
Leadership at Wellesley
Appointed Chief Investment Officer at Wellesley College in 2002, Mendillo directed investment policies and strategies that resulted in over a 60% increase in the endowment value, which reached $1.67 billion by 2008.
Heading Harvard’s endowment
Mendillo resumed leadership at Harvard on July 1, 2008, assuming responsibility for its $36.9 billion endowment. Taking charge just prior to the 2008 financial crisis, she successfully preserved liquidity despite a market value decline of 27.3% during her initial year.
As financial markets recovered, the endowment achieved returns of 11% in 2010 and 21% in 2011. By the close of fiscal year 2011, the fund had rebounded from $27.6 billion to $32 billion, enabling substantial budgetary support for the university.
In fiscal year 2014, the endowment grew by 15.4%, reaching a record high of $36.4 billion—the largest among American universities. Throughout her leadership period, investment returns surpassed both Harvard’s long-term objectives and relevant market benchmarks. Mendillo’s annual compensation increased from approximately $2.5 million in 2008 to $13.8 million by 2014.
She stepped down from her role managing Harvard’s endowment in 2014.
Personal life
Jane resides with her husband, Ralph Earle III, and their two children in Concord, Massachusetts. She holds membership with the Council on Foreign Relations and serves on the boards of General Motors and Lazard. Her previous board service includes participation on investment committees for Yale University, Rockefeller Foundation, Mellon Foundation, Partners Healthcare System, and The Investment Fund for Foundations (TIFF).
In 2009, Forbes recognized Mendillo among its list of the 100 Most Powerful Women.